Which of these is NOT an external influence on total rewards strategy?

An effective total rewards strategy is shaped by various external influences, and understanding these influences is crucial for organizations in developing competitive compensation and benefits packages. Among the factors listed, employee turnover does not qualify as an external influence.

Employee turnover is an internal metric, reflecting the rate at which employees leave an organization and how effectively the company manages its workforce. While turnover can be influenced by external factors, such as labor market conditions and pay competitiveness, it is fundamentally a consequence of internal conditions, such as employee satisfaction, company culture, and management practices.

In contrast, cultural norms, economics, and regulatory factors are external influences that can significantly impact an organization's total rewards strategy. Cultural norms dictate societal expectations around compensation, benefits, and work-life balance, which organizations must consider to attract and retain talent. Economic conditions influence overall market compensation trends, while regulatory factors impose legal requirements regarding pay, benefits, and working conditions that organizations must comply with in their total rewards framework.